Lufthansa ringfence key for JetBlue exchangeable
Deutsche Lufthansa last Thursday (March 29) delivered a popular €234m bond exchangeable into its JetBlue stake — an almost 10 times covered offer — with a ringfence structure key to the attractiveness of pricing.
Work on the structure had gone on for some time with Lufthansa unable to grant security over the 46.7m JetBlue shares 15.7% of the company, its entire stake because of negative pledge constraints.
Instead, it created a new special purpose vehicle almost 100% owned by Lufthansa, that
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